6 days from closing, title company says house "should never have been put on the market in the first place" Real Estate |
- 6 days from closing, title company says house "should never have been put on the market in the first place"
- [Bay Area, CA] Anyone here bought a house in the past couple of years with any contingencies?
- Dispute: who should get the earnest money in this case?
- Good time to go into the landlord business in Atlanta?
- Property Value due to Amazon
- Past "preforeclosure agreement" & credit reporting.
- Two weeks to Close, Cold feet!
- Self employed home buyer [TX]
- What dictates my Interest Rate?
- Sub-panel in Bathroom
- [VA] Home Inspection Contingency for New Build after custom requests?
- $16k closing costs on $167k home
- [landlord] Best way to accept Bitcoin?
- Restricting Home Search to Properties with FTTH Available
- interviewing realtors and they all are asking to see my property before I have even made a decision on who will represent me -- is this normal? (OH, US)
- [AZ] Just had home inspection first time buyer...yikes
- Purchase price plus renovation, what is loan called?
- Apart complex investment startup?
- [PA] Worried about not closing because of my unemployment.
- Realtors who have had to calculate lost wages, how did you do it?
- Keep trying to se'll house or what to do?
- Lease to Buy Option
- Website where Home Buyers can exchange notes... Good or Bad idea? (US)
- [Central California] How to start investing in real estate
| Posted: 22 Feb 2018 03:33 PM PST Yep, not even kidding. I am under contract on a home that was repossessed by a bank. Based on public record, it looks like previous owner never paid a bill in his life. Has filed for bankruptcy at least one. The house is currently owned by Champion Mortgage/Nationstar. It wasn't a short sale. Everything was straightforward. I've paid the title company 10% earnest money, I've paid for appraisal and inspection. I've paid for plumber and electrician to inspect even further. I've secured a loan. Today my agent called the title company to schedule the closing, and the title company said (paraphrasing here): "This property should never have been listed. It can't be sold. The default judgment hasn't been filed." I called the lawyer that was literally the substitute trustee on the foreclosure and he explained to me that there's no such thing has a default judgment in my state (Maryland) -- foreclosures are only quasijudicial here. The foreclosure was finished and done in Oct. 2017. Then title company says "oh, there's a quiet title lawsuit open on the property." But neither my agent nor I can find any open lawsuit from previous owner. Three questions:
Thanks for your time. edit: Added state. [link] [comments]  |
| [Bay Area, CA] Anyone here bought a house in the past couple of years with any contingencies? Posted: 22 Feb 2018 08:35 PM PST Hello, My husband and I are looking to buy a house in the bay area. Our realtor (and also any other realtors we've talked to) told us that we'd need to waive all of our contingencies in order to even have a chance to get a place. I feel very uncomfortable about waiving certain contingencies. I don't know if my fear is real or I'm just imagining it. I feel pretty good about waiving financing contingency since we have an underwritten pre-approval. The 20% down payment will be about 1/4 of our entire net worth. We're looking to buy a place in the 800k-1m which is about 3X our annual base income before bonuses and RSUs. Does this sound reasonable? I don't feel very comfortable about waiving appraisal contingencies. I'm very afraid of having to come up with extra $50k and having to sell more stocks. I wouldn't actually want the house if the value is going to immediately be $50k less than what I will pay for. So the question is, has anyone recently bought a house with any contingencies? How did it go? Those who put in an offer with no contingencies and had something went wrong, what happened? Thank you [link] [comments]  |
| Dispute: who should get the earnest money in this case? Posted: 22 Feb 2018 09:13 AM PST Seattle Washington -We were under contract/mutual on Thursday February 8th. -Buyer couldn't get financing when the lender checked employment. -Buyer wants earnest money back and realtor is pressuring me to sign for 51. -Already cleared inspection contingency. Never made it to appraisal contingency due to the financing issue on buyers side. -I spoke with the lender who admitted to me on the phone that the buyer never filled out the loan application, and that they gave income and employment information on February 5th, days before my listing was under contract or even on the MLS. It sounds like that was income information he gave for pre-approval. Lender said he never applied for a loan or provided anything else beyond that since we were under contract. -The financing contingency was deemed waived on Thursday February 15th at 9 PM based on the fact that he never applied for a loan while we were under contract. He didn't try to use the financing contingency to get out until February 20th. -The way I read it he never applied for a loan under the terms of the contract while we were under contract. He only provided basic information for his pre-approval BEFORE my listing ever hit the MLS or was under contract. -Earnest money of 10K should be mine, no? I'm consulting with an attorney but my appointment is not until tomorrow. Wanted to see what others have seen in these situations. -Buyer was in the end (along with their agent) inexperienced and didn't realize they didn't qualify for a loan with gifted money on an investment property unseasoned. [link] [comments]  |
| Good time to go into the landlord business in Atlanta? Posted: 23 Feb 2018 03:51 AM PST Prices are spiking up and I really want to invest in rental properties. Is this price increase just a bubble or could I expect for it to stay high? And would it be a good time to buy a property now? [link] [comments]  |
| Posted: 22 Feb 2018 10:11 AM PST Amazon is looking to build a warehouse roughly 2 miles from my home in Indiana. I was wondering if this would generally increase property value? The county has been growing for over 10 years. Population , property, businesses all on a constant growth. I am looking to buy another home within 4 miles of the warehouse. Just wondering in general if something like this would help or hurt a property. [link] [comments]  |
| Past "preforeclosure agreement" & credit reporting. Posted: 22 Feb 2018 09:11 AM PST I'm in WA State (I think I saw somewhere that location was relevant?) Last year we got behind on mortgage due to job loss. Entered preforeclosure agreement that was "pay X for June - August, then you'll be caught up and current starting September 1st." We've made every payment from June 1st --> on time. When we made the agreement, they said that once we made our August payment, our records would show current as of June 1st. That is not the case. Our credit report shows negative through October. I called in and spoke with someone who assured me that I was correct, but had to transfer me to the correct person. Second person says that all of that is wrong and said "I can write whatever you want me to write on your account but nothing will change." Does anyone have experience with this that can let me know either I'm crazy or I need to fight it? We were getting ready to sell our house in April, but we won't be able to purchase a new one until October if this isn't resolved. [link] [comments]  |
| Two weeks to Close, Cold feet! Posted: 22 Feb 2018 06:54 AM PST We are set to close on a house that is at the very top of our budget (2.5 times our HH gross income) ... We had originally really wanted to buy an older (more affordable) in our desired neighborhood but in our year of house hunting there has been barely any inventory there and the only ones being listed are getting priced higher and higher so we worry this might be our last chance to even get into this 'hood before we are priced out when Spring market takes off ... (if we had only started looking for houses 1-2 months before we started we would have had multiple options at the bottom of our budget, sigh) Anyway, so the House we are on contract for, although a bit dated has a new roof, waterproofed basement, new driveway, newish HVAC , great school district, great walkability and in highly desired neighborhood Other item of note is our first appraisal came back wayyy low (50 lower) but we tried with a second lender and they appraised for the full purchase price...the second lender also noted they reviewed the appraisal and felt it was a low risk value, i.e. they thought we were getting a good deal on the house. But that 1st appraisal also makes us nervous. We dont currently have any debt and we pay off all our credit cards so that's not a factor, I guess Im just wondering, are we doing the right thing? Would be so awful if these high interest rates impact the market and suddenly house prices start getting more affordable again, right after we sign on the dotted line! [link] [comments]  |
| Posted: 22 Feb 2018 10:08 AM PST I am 24 and am self employed in the oilfield. Have not been self employed for 2 years so I cannot qualify for a traditional home loan. From my research I can only possibly qualify for a portfolio loan in order to get into a home soon. I dislike living in apartments so I would like to know if there is any advice that could benefit me. I find it pointless to get a loan if I have to wait a full year because in that amount of time I can have enough money to buy it myself. Do I have options? [link] [comments]  |
| What dictates my Interest Rate? Posted: 22 Feb 2018 02:23 PM PST I am looking to buy a condo in LA, and I was wondering what factors go into my interest rate? When googling mortgage rates I see rates around 4.3-4.5%, yet the rate I am being given seems to be around 4.7%, I have good credit and I was just wondering why my rate could be much higher? [link] [comments]  |
| Posted: 22 Feb 2018 11:37 AM PST I'm in escrow for a 1 bedroom condo. Currently, the sub-panel is in the bathroom. My inspection report recommended I move the panel because it increases the chances of a fire hazard. How dangerous is it if the sub-panel stays in the bathroom? I can move the sub-panel but there's no way to tell if my neighbors made or will move the sub-panel. Is this something I should worry about or is it nothing major? Any help would be greatly appreciated. Condo located in San Diego, CA [link] [comments]  |
| [VA] Home Inspection Contingency for New Build after custom requests? Posted: 22 Feb 2018 11:42 AM PST Hello, We are considering making an offer on a new-build-in-progress, that is about 2-3 months away (theoretically) from completion. In the listing, the builder offers the ability to request customization of certain elements that remain to be done. Having recently had to exercise an inspection contingency on another older home that was flipped and turned out to be a disaster, we feel a strong need to have an inspection contingency for this (or other) places we make offers on, and have a third party inspection. Can anyone describe the logistics of something like that in a new build situation like this where we could potentially make customization requests, but then wish to have an inspection? It seems the inspection would need to be done near construction completion, but at that point a number of our requests would have been put in place, and I would imagine the builder would want to be protected from us walking away. Conversely, our bad experience has made me feel like we need to protect ourselves with an independent inspection at some point. Is there a way this is typically structured in a situation like this? [link] [comments]  |
| $16k closing costs on $167k home Posted: 22 Feb 2018 08:17 PM PST My parents are buying a home in Dallas, TX and their closing costs are ridiculous. Everything has gone well, but I feel like they're getting screwed by their lender. Here's a screenshot of the breakdown of the closing costs. Is this normal? This house is a new construction. [link] [comments]  |
| [landlord] Best way to accept Bitcoin? Posted: 22 Feb 2018 08:33 AM PST I recently purchased a five unit apartment building and am offering online payment via cozy.co. I would like to also offer the option to pay rent in Bitcoin. Any experience or thoughts on accepting Bitcoin for rent payment? [link] [comments]  |
| Restricting Home Search to Properties with FTTH Available Posted: 22 Feb 2018 06:56 PM PST Is there a real estate search engine that allows you to exclude properties not served by FTTH Internet access? I've spent too many frustrating years living in houses with expensive and slow Internet access—lately with infuriating data caps too—and definitely don't want to make that mistake again if I can help it. [link] [comments]  |
| Posted: 22 Feb 2018 10:09 AM PST So I'm selling my first house (OH) because I am moving out of state for a job. I wasn't thrilled with my last realtor, so I'm shopping the market now. I've reached out to a few (and disclosed that I am shopping around) to ask about their selling processes, fees, experience, etc. They have not really answered my questions and have all been very insistent about coming to my house right away to talk about things in person. I have nothing to hide, and am glad to talk in person, but I would have thought they would ask me to come to their office or at least send me some general info via email first. One realtor offered me a "seller's guide" with all of this info, but he won't give it to me until he meets me at my home. Again, nothing to hide and maybe I'm just being overly sensitive about the situation, but is this normal? [link] [comments]  |
| [AZ] Just had home inspection first time buyer...yikes Posted: 22 Feb 2018 12:22 PM PST Roof is outdated and looks to be some electrical concerns throughout. Will be going through the report with my realtor tomorrow to prioritize and see what owners can fix. Want to fix safety stuff first as I'm looking to rent out a couple of rooms in the house. Wasn't able to schedule this inspection until later, now about 2/3 done with inspection period. It's not enough to send me running away from the house, but these are more costs I need to figure in my calculations. Inspection done now I need appraisal, which will be next big step [link] [comments]  |
| Purchase price plus renovation, what is loan called? Posted: 22 Feb 2018 08:30 AM PST For example, on those HGTV shows (I know, are not the gospel of truth), you always see them refer to the "all-in" budget, which is purchase price plus renovation budget. What type of loan is that? I've seen it mentioned on here before, but my search is unfruitful. We would prefer to buy a home on acreage, but most in our budget need work and we don't have the cash just sitting around. I would prefer just to buy move in ready, but exploring other options while waiting for a "unicorn" to pop up. Edit: Kansas City, MO [link] [comments]  |
| Apart complex investment startup? Posted: 22 Feb 2018 06:11 PM PST I've noticed in Texas there is a lot of investments in apartment complex properties. I don't know if people here own an apartment complex but I know the expenses are higher than owning a single residential home or two. However is it easy to start an apartment complex and is it usually done with partners of 3-5 for the startup cost? For example a 300 apartment unit. How can one start one of those. I'm just seeking ideas [link] [comments]  |
| [PA] Worried about not closing because of my unemployment. Posted: 22 Feb 2018 06:07 PM PST I work a seasonal job in construction where I am normally laid off a few months each winter when work is slow. We are currently scheduled to close on March 30th, and my company gave a signed letter to our lender stating I'd be returning to work on February 26th, but my manager informed me today that my start time is gonna be pushed back 1-2 weeks since the project I'm going to is getting started slower than expected. Am I going to be in danger of not getting my mortgage approved and missing our closing date? I would really hate to lose this house, and all of the money we've already spent on inspection and appraisal. I'm pretty stressed over this and am not sure what to do or expect. My fiancé keeps saying she thinks we'll be fine, but I really have no idea. This is our first time buying so we're pretty new to the process. Does anyone have any advice? [link] [comments]  |
| Realtors who have had to calculate lost wages, how did you do it? Posted: 22 Feb 2018 11:57 AM PST Two years ago, I got into a car accident. My attorney is asking me to write a letter detailing lost wages and missed opportunities. They are asking for things like time off, missed open houses, etc. I'm just not sure how exactly they will calculate the lost wages because it's not so cut and dry. I've had two surgeries and many physical therapy and doctor appointments, and then to boot I'm really active doing activities like bowling leagues and softball leagues that I've missed, where I've met about half of my clients. Has anyone gone through this before who can offer me some tips and advice? TIA. Edit: location bot wants a location, I am in Arizona. [link] [comments]  |
| Keep trying to se'll house or what to do? Posted: 22 Feb 2018 09:55 AM PST I had been thinking about listing my house for sale with the plan to move back into a rental I own. When the tenant in the MIL apartment in my house gave notice he was moving out of state, I decided to list my house rather than find another tenant (I wasn't enjoying the whole MIL apartment neighbor thing). I got an offer the first couple days, but it fell through due to buyers financing 2 weeks later. I am not getting a ton of traffic since I lost two weeks on the MLS. Plus the house is expensive and in a neighborhood of expensive homes of 1+/- million or so. I see a lot of houses sitting on the market for months here, which is partly why I decided to list the house while I was living in it still before giving notice to my other tenant at the rental I planned on moving into when I had a buyer. If I found a buyer, I would give notice to the tenant in the rental I want to move back into. Well, since I had a buyer I gave them notice and they are moving out at the end of the month but now I'm left with two vacancies and am out thousands in rent per month while paying the mortgages by myself. Suffice it to say, things didn't go that well. So here are the options I'm looking at. Option A: Stick to original plan and move back to rental. I am already paying for March anyways and have lost the rent income for that month from both units. I have 5 weeks to find a buyer and close. If I do, I didn't lose anything you wouldn't have lost already by going with the first buyer who couldn't get financing. If I don't have a buyer by the 5th of March then I can start trying to rent it out on Zillow again during peak time of month. Meanwhile I can advertise on Craigslist hoping to find a tenant there since I can't advertise on Zillow while it's for sale. I could also try to sell it one more month in April beyond that while you try to find a new tenant, eating two months of mortgage payments alone. IF I do rent it out before it sells, take it off the market and try again next year. I could also try to rent the main house out by the room for more money. It's tough to find renters for expensive homes. 95% of people in my neighborhood are owners, but there are some who have interest in renting, but the pool is very small. Pros: -Higher quality of life where I was planning on moving to. -Don't have to unpack some stuff and plan on staying another year. -Gives me the option of selling it now or renting it out until next year if it doesn't sell, since I would move to my other house then anyways. -Along with the above if I rent it until next year I can get more money for the house, perhaps 50-100K more. -I was in somewhat the same situation a few years ago, but it wasn't a sale; the renter backed out, took 2 months to find a tenant but worked out in the end. It felt like I would never find a tenant though… Cons: -Downside of this is possibly carrying the mortgage for a while and possibly selling it for less, especially if I can't rent it out. The other house I was planning on moving back into is easier to rent. So is the MIL apartment at my current house because they are lower rents. -Neighbors are not so great here either, but less problems than other places we have lived. Option B: Stay, rent the rental I was planning on moving back into back out for another year (or try to get the existing tenant to stay, fat chance since they are already sending reference checks my way for apartments) and the MIL apartment out for $375 more per month total (they were slightly under market rents). Let the house appreciate more then try to sell it again next year. This will allow me to recoup the lost rents and then some not only by raising the rents but also letting the house appreciate more. Pros: -Likely sell for more money next year, 50-100K more money. Would at least be able to sell for current price instead of taking a lower price. Cons: -Downside of this is either living out of boxes for a year or unpacking at least SOME stuff again. Not everything needs to be unpacked though, very little. -Another year with crappy neighbors (loud bass music, etc.) Which option should I pick or is there an option I'm overlooking? [link] [comments]  |
| Posted: 22 Feb 2018 08:23 AM PST I have a piece of land in CT. I've had it for about 10 years with no use for it. We've looked into selling it but I can't sell it for the price I want for it, but the area is growing. There's also a small-mid international airport near it that's continuing to grow as well. Recently, we got an offer for a lease to buy option. The lease would be for 10 years with an option to buy after the lease period ends. My question is how would I go about valuating a lease price? I know what similar parcels of land sell for in the area, but not how much they lease for. Is there a quick way to figure out the commercial real estate lease prices? Thanks in advanced! [link] [comments]  |
| Website where Home Buyers can exchange notes... Good or Bad idea? (US) Posted: 22 Feb 2018 05:04 PM PST I had an experience a while back where an agent accidentally gave me the name of a person who was previously attempted to purchase a home that I was interested in. I located them on facebook, exchanged some VERY valuable info, and they also offered to sell me the inspection report they had purchased, at a reduced price. I learned that the agent had lied, the roof was damaged and the floors were severely water damaged. This was great - it saved me time and money, and if the news wasn't so bad I would have helped with the 1st buyer's situation by buying their report, getting them some of their lost money back. As a web builder, I've been thinking of building a website to do this on a wider scale -- just let people comment and exchange info about specific addresses that are on the market. Possibly enabled the sale/trade of inspection reports, but not sure about that part. As the website owner, I'm not facilitating any sale, representing anyone, or providing any expert advice so I think I should be legally clear. What do you professionals think -- good idea? bad one? Or many something like this exists that I don't know about? ADDITIONAL INFO: - I would expect/encourage more objective facts, not "I like/dislike" this or that. - I would expect both positive and negative comments about the property, not just negative - I'm told many buyers today are homeseeking long distance, and info is especially valuable if you can't personally view property - I would expect shared info to include inspection details, unusual neighborhood/HOA/Zoning issues, Condo Assn issues, and anything else not normally seen in a Zillow type listing. [link] [comments]  |
| [Central California] How to start investing in real estate Posted: 22 Feb 2018 02:39 PM PST How would you recommend someone to start off with real estate investing? I'm thinking of just having some rental properties and then selling them down the road to buy something bigger. Not too interested in house flipping. I am 29, home owner, and have zero debt outside from my house. Just looking at real estate as another avenue to build/diversify my portfolio. [link] [comments]  |
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